Sidley represented Goldman Sachs Urban Investment Group as lender and equity investor for the development of a mixed-use project that will house the National Urban League’s new headquarters in Harlem, New York City. The National Urban League is a historic civil rights organization that is dedicated to economic empowerment, equality, and social justice for African Americans that was founded in 1910 and is headquartered in New York City.
The development, known as the Urban League Empowerment Center, includes a 17-story building with an 80,000-square-foot headquarters and conference center for the National Urban League, a civil rights museum, 170 affordable rental housing units, 73,000 square feet of office space for community groups, and 105,000 square feet of retail space. Construction will start in the fall of 2020.
The complex financing structure of the deal includes multiple ground leases, a master lease, two types of tax exempt bond financing, conventional senior and subordinate construction debt, governmental sub-debt and grants, and low-income housing tax credit equity and opportunity zone equity for total financing for the project of approximately $250 million, approximately $185 million of which is from Goldman Sachs.
The real estate team, led by partner Aviva Yakren, included partner Steven Koppel, counsel Cynthia Christian, and associates Michael Williams, Michael Mouridy and Zachary Grossman. The tax team included partners Daniel Altman and Scott Pollock and associate John Wilson.